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Halifax Switching Criteria
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matchboxfull
Posts: 195 Forumite
Hi. Me again!
Sorry, I'm just trying to get my head round this bank account switching business. It seems silly to have two little-used accounts sat there and to not take advantage of switching incentives.
Anyway... I was thinking of switching my OH's 'dormant' Lloyds account (with his permission) to an M&S account which we would then start using as a 'spends' account (probably spending on a CC and then paying back in full each month).
Although now I am reading that M&S accounts are a bit tricky to open what with the phonecalls and the waiting, etc. etc..
So now I am looking at Halifax. Here's my question:
- To gain the Halifax switch incentive, do you have to have two DDs on the donor account?
Currently there are no DDs going out of the account. I looked into changing a couple of CC DDs, but looking at the CC accounts the change takes affect the next time a DD is called. We haven't spent on any of the cards in months and I don't want to right now because we're between mortgage offer and completion.
I did look at the T&Cs on the Halifax site but they seemed a bit ambiguous to me.
Sorry, I'm just trying to get my head round this bank account switching business. It seems silly to have two little-used accounts sat there and to not take advantage of switching incentives.
Anyway... I was thinking of switching my OH's 'dormant' Lloyds account (with his permission) to an M&S account which we would then start using as a 'spends' account (probably spending on a CC and then paying back in full each month).
Although now I am reading that M&S accounts are a bit tricky to open what with the phonecalls and the waiting, etc. etc..
So now I am looking at Halifax. Here's my question:
- To gain the Halifax switch incentive, do you have to have two DDs on the donor account?
Currently there are no DDs going out of the account. I looked into changing a couple of CC DDs, but looking at the CC accounts the change takes affect the next time a DD is called. We haven't spent on any of the cards in months and I don't want to right now because we're between mortgage offer and completion.
I did look at the T&Cs on the Halifax site but they seemed a bit ambiguous to me.
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Comments
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matchboxfull wrote: »To gain the Halifax switch incentive, do you have to have two DDs on the donor account?
No (but you have to have 2 DDs pay out each month to get the monthly reward payments + £750 paid in).0 -
Don't rush in tonight, as the offer is rumoured to be going to £125 from tomorrow!
EDIT: Why aren't you going for FD? Like Halifax, that doesn't need DDs, but pays £150.0 -
Thank you both. I won't be rushing as we'll have to wait until we complete on the house before incurring any credit checks (about 3 weeks).
Just want to get a plan of action as part of a bigger picture (ie. I'll be switching my account to Nationwide to get the refer a friend from my OH).
Doesn't FD require a minimum monthly pay in?0 -
Just one £1K credit, if you're planning to be in and out and on to the next incentive offer.matchboxfull wrote: »Doesn't FD require a minimum monthly pay in?0 -
Oh right. That's worth knowing. Thank you.0
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